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Questions regarding Prize Bonds

  • 05-11-2020 6:02pm
    #1
    Registered Users Posts: 3,680 ✭✭✭ rizzee


    Hi,

    I haven't received any prize bonds in 20+ years, since I was a child.
    I received some here and there as gifts, but I haven't given them thought until recently.
    They definitely would have been associated with previous addresses so I'm not too sure if they're still valid (?) or if I can retrieve them.
    I wouldn't have the physical Bonds that were given to me either.

    1) Is there any way I can find out if I have any PBs in my name?

    2) I am thinking of setting up a monthly direct debit, initially starting off with around €100-€150 of spare cash into PBs as it's completely secure and there's a chance of winning prizes/better than sitting in a bank - is this a good move/has anyone done this before? (obviously have to make sure I'm all registered with the latest address etc first)

    3) To withdraw PBs- is it an easy process, can this be done at any stage?

    4) If you win a prize, do you get an email or notification of this, or must you search your numbers each week? What is people's process for this? (I notice there is a PB Weekly Thread too)

    5) If you win e.g. €50 - does this automatically add to your original investment as 8 Units/ x2 €25 Bonds, or will it pay it into your bank account or how does it work?

    I might have other questions as I go - but for the moment any help or advice with the above would be much appreciated.


Comments

  • Registered Users Posts: 1,945 ✭✭✭ tuisginideach


    1) Presumably yes
    2) yes
    3)Yes
    4)Yes
    5)Your choice - re-invest/paid straight to your bank account


  • Registered Users Posts: 793 ✭✭✭ Hibernicis


    rizzee wrote: »
    Hi,

    I haven't received any prize bonds in 20+ years, since I was a child.
    I received some here and there as gifts, but I haven't given them thought until recently.
    They definitely would have been associated with previous addresses so I'm not too sure if they're still valid (?) or if I can retrieve them.
    I wouldn't have the physical Bonds that were given to me either.

    1) Is there any way I can find out if I have any PBs in my name?

    2) I am thinking of setting up a monthly direct debit, initially starting off with around €100-€150 of spare cash into PBs as it's completely secure and there's a chance of winning prizes/better than sitting in a bank - is this a good move/has anyone done this before? (obviously have to make sure I'm all registered with the latest address etc first)

    3) To withdraw PBs- is it an easy process, can this be done at any stage?

    4) If you win a prize, do you get an email or notification of this, or must you search your numbers each week? What is people's process for this? (I notice there is a PB Weekly Thread too)

    5) If you win e.g. €50 - does this automatically add to your original investment as 8 Units/ x2 €25 Bonds, or will it pay it into your bank account or how does it work?

    I might have other questions as I go - but for the moment any help or advice with the above would be much appreciated.


    The answers to all of your questions are on the PB website. Briefly:

    1. Complete and send off a Request for Statement of Accounts/Holdings, specify that it is Prize Bonds that you are interesting in, and make sure you give them all your former addresses, all forms of your name name, and any other information that might assist in identifying your bonds.(See Here

    2. I've done this in the past and it worked for me as a means of saving. The discipline of saving via a DD is great, and having the money a few steps away from an ATM helps reduce the temptation to spend it on the spur of the moment.

    3. Yes it is easy and can be done at any stage, the only limit being that each bond must be held for a 3 month period before encasing it. In my experience you will have your money in 5-10 days.

    4. When you buy the bonds you choose what happens to prizes. If you elect to take the money it will be lodged to your nominated bank account a few days after the draw. If you elect to reinvest you will receive the new bond in the post a few days after the draw. And you can log on to the prize bond website at any time and check to see if any of your bonds is a winner. (Either by entering your bond number/s on the spot, or more conveniently setting up an account and registering your bond numbers). You do not receive an e-mail notification.

    5. Both of these options are available, you choose at the time of purchase.

    Good luck if you decide to proceed.


  • Registered Users Posts: 3,680 ✭✭✭ rizzee


    Hibernicis wrote: »
    The answers to all of your questions are on the PB website. Briefly:

    1. Complete and send off a Request for Statement of Accounts/Holdings, specify that it is Prize Bonds that you are interesting in, and make sure you give them all your former addresses, all forms of your name name, and any other information that might assist in identifying your bonds.(See Here

    2. I've done this in the past and it worked for me as a means of saving. The discipline of saving via a DD is great, and having the money a few steps away from an ATM helps reduce the temptation to spend it on the spur of the moment.

    3. Yes it is easy and can be done at any stage, the only limit being that each bond must be held for a 3 month period before encasing it. In my experience you will have your money in 5-10 days.

    4. When you buy the bonds you choose what happens to prizes. If you elect to take the money it will be lodged to your nominated bank account a few days after the draw. If you elect to reinvest you will receive the new bond in the post a few days after the draw. And you can log on to the prize bond website at any time and check to see if any of your bonds is a winner. (Either by entering your bond number/s on the spot, or more conveniently setting up an account and registering your bond numbers). You do not receive an e-mail notification.

    5. Both of these options are available, you choose at the time of purchase.

    Good luck if you decide to proceed.

    Thanks a million for your detailed answers! I'll be sure to get this set up as soon as possible.


  • Registered Users Posts: 293 ✭✭ Tpcl20


    Hello, I have some money to hand and I was going to invest it each month in prize bonds. Is the only disadvantage the fact that you're not guaranteed to win? Can you withdraw your money after three months? Sorry, I'm new to this.


  • Registered Users Posts: 1,788 ✭✭✭ Cute Hoor


    Tpcl20 wrote: »
    Hello, I have some money to hand and I was going to invest it each month in prize bonds. Is the only disadvantage the fact that you're not guaranteed to win? Can you withdraw your money after three months? Sorry, I'm new to this.

    You're certainly not guaranteed to win :D
    Yea you can withdraw your money no problem after 3 months


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